**[Former Celsius CEO Alex Mashinsky Permanently Banned from Securities and Crypto Industry]** Foresight News reports that New York Attorney General Letitia James has announced a settlement with Celsius co-founder and former CEO Alex Mashinsky. Under the settlement, Mashinsky will be permanently barred from engaging in the securities, commodities, and cryptocurrency industries and could face a maximum payment of $35 million. According to the agreement, Mashinsky must remit $10 million in illegal gains to the federal government, in addition to assets already forfeited under a federal plea agreement. If he fails to do so, he will be required to pay $25 million to New York State. Furthermore, if he does not serve his full prison sentence, he must pay an additional $10 million to New York State. The New York Attorney General's Office filed a lawsuit against Mashinsky in 2023, accusing him of misleading investors about the safety of Celsius and defrauding hundreds of thousands of investors, including over 26,000 in New York State. Mashinsky is currently serving a 12-year sentence in a parallel federal criminal case, in which he was ordered to forfeit over $48 million. As of August 2026, Celsius's bankruptcy proceedings have distributed over $3.4 billion to creditors.